The Supreme Court of India lifted the two-year-old crypto ban on March 4, 2020, which is considered as a historic verdict by many cryptizens. There was a wave of skepticism when the Reserve Bank of India (RBI) imposed a ban on the trading of cryptocurrencies in April 2018.
But now that it’s a win for the cryptizens in India, we can all innovate and participate in the Blockchain revolution. Currently, there has been a wide increase in crypto trading volumes on cryptocurrency exchanges in India, as there is no fear and uncertainty about the crypto regulations anymore. Before the crypto ban got lifted, there were many people who were using peer-to-peer crypto exchanges for trading, which contributed to around 3 million trading volume.
Even the cryptocurrency-related institutions or exchanges can operate freely, without any fear, as most of them are planning on reviving their business and expand their operations. There were many Indian companies, which had to shut down because of the unfriendliness of the Indian government towards cryptocurrencies. Now that there will be no more restricted access for virtual currency trading, most of the companies will start ramping up operations in India. You can convert BTC to INR at the best rate here.
What does 2021 hold for cryptocurrency in India?
The leading crypto exchange- Binance, had invested in a 50 million dollar Blockchain fund, which will be used in cryptocurrency startups and other blockchain-related projects in India. The fund will make investments, including fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, Decentralized Finance (DeFi) platforms.
Even before the epic day, Binance had acquired Wazir X and had been eyeing the Indian market for a while now, as it is one of the most potential markets to trigger a crypto revolution. According to Binance, the next phase of mass adoption for crypto will arise from developing nations, and India, with more than a billion people, is primed for this.
Projects like Matic Network had started their Initial Coin Offerings (ICO) on Binance launchpad and proved to be one of the potential crypto projects. Others like Marlin Protocol had secured $3 million from Binance Labs along with Arrington XRP, Electric Capital, NGC, and other investors.
The crypto business continues to be bullish in India, amidst the COVID-19 outbreak, leading to more cryptocurrency trading. While the total number of verified cryptocurrency users stands at 1.7 million in India, according to IAMAI, the global market size is pegged at $430 billion. Buy BTC in India at the best rate.
There are more startups working on blockchain technology, which opens up employment opportunities for blockchain enthusiasts. This could mark as one of the greatest revolutions the country has ever seen, leading to the growth of the economy as a whole. This is just the beginning, and is a powerful turning point, leading to the mass adoption of cryptocurrencies. Learn more about Bitcoin and cryptocurrencies.
How to Trade Bitcoin in India
You can buy BTC in India by going to this page, after which you will come across this window. On the left converter tab, you choose INR and put the amount of INR you want to invest in converting into Bitcoin. You can choose the crypto you want to convert into, in the right-hand tab. You have to put the Bitcoin address, where you will receive the amount once the transaction is complete. Click on “ Continue”.
Then you will get this window, where you have to fill in the details to finish the KYC (Know Your Customer) process, which won’t take more than a couple of minutes. After verifying the details, click on “I agree to the terms and conditions” and click on “Pay now” button. Your transaction has been completed. Now, just relax till you receive Bitcoin at the given address.
Know More: What are Bitcoins & How Do They Work
Frequently Asked Questions (FAQ)
- Is trading bitcoin in India legal in India?
Yes, trading Bitcoin is completely legal in India, as the Supreme Court lifted the crypto ban on March 4, 2020.
- Is it safe to invest in Bitcoin in India now?
Yes, it is completely safe to invest in Bitcoin in India now as the Supreme Court lifted the crypto ban on March 4, 2020.
- Is bitcoin banned in India?
No, the Bitcoin ban has been lifted by the Supreme Court of India on March 4, 2020.
- Is it possible to buy bitcoin in India?
Yes, you can buy Bitcoin in India by going here, at the best rate.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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